Glossary

The definitions appearing in this Glossary are provided solely for general informational purposes. They are not intended to be complete descriptions of all terms, conditions and exclusions applicable to the products and services defined. As well, in the case of any inconsistency between the definitions in this Glossary and the definitions appearing in the actual policy, the definitions contained in the actual policy shall govern.

Broad form policies cover all events except those listed in the exclusions section. Some of the coverage advantages provided by this type of form over the lessor form Named Perils include; theft or attempted thereat, rupture and freezing of pipes, impact by land vehicles driven by insured or employees, collapse, extended smoke coverage, Explosions of hot water heaters with internal working pressure exceeding 15 pounds per square inch, but having an internal diameter of less than 24inches, all other losses not specifically excluded.

Fixed structures pertaining to the building and located on the premises; Premises is defined as “the entire area within the property lines and areas under adjoining sidewalks and driveways at the locations described on the Declarations Page and in or on vehicles within 100 meters (328 feet) of such locations.

Covering property damage and financial losses resulting from property theft from within either the household premises or automobile and caused by someone entering by force. The theft must be reported to the authorities.

The CLEAR rating system groups automobiles based on their claims records, including repairs, injury claims and theft history. Quotes for your automobile insurance premium can vary depending on whether or not a particular insurance company uses CLEAR.

This clause applies separately to each item for which a co-insurance percentage is specified on the Declaration Page and only where the total loss exceeds the lesser of 2% of the applicable amount of insurance or $5000. The insured shall maintain insurance co-insurance with this for on the property insured to the extent of at least the amount produced by multiplying the actual cash value of the property by the co-insurance percentage specified on the Declaration Page, and, failing so to do, shall only be entitled to recover that portion of any loss that the amount of the insurance in force at the time of loss bears to the amount of insurance required to maintained by this clause.

Protects your vehicle in case of accidents that are considered your fault, or partially at-fault. Hit and run accidents are only covered if you purchased collision coverage. This coverage will always be subject to a deductible.

Protects your vehicle against loss due to fire, theft, vandalism, falling objects, lightning, windstorm, hail, rising water, earthquake, explosion. Windshield damage is one of the most common comprehensive claims. This coverage will always be subject to a deductible, with the exception of fire and lightning.

This adds a very important coverage to your automobile policy. This will allow your own liability limits to be used to “top-up” an underinsured vehicle you may be involved in an accident with. In Ontario the minimum liability limits are $200,00 and some American States have limits as low as $50,000, if you carried a $1,000,000 limit of liability on your vehicles this could conceivable provide you with an additional $950,000 of insurance protection.

Most commonly used personal property is property in which a person has an interest and which is personal, moveable, or separable from real property. For example, tables, chairs, desks, clothing, jewellery etc. All policies have exclusions to their definitions of personal property that include all licensable vehicles (cars, ATV’s and snowmobiles) business contents, etc.

The taking of insured property from a custodian by a person or persons who have 1) caused or threatened to cause the custodian bodily harm, or 2) committed an overt unlawful act witnessed by the custodian or 3) taken such property from a custodian who has been killed or rendered unconscious.

The insurer, upon making any payment or assuming liability therefore under this form, shall be subrogated to all rights of recovery of the Insured against others and may bring action to enforce such rights. Notwithstanding the forgoing, all rights of subrogation are hereby waived against any cooperation, firm, individual, or other interest with respect to which insurance is provided by this policy.

Where the premises are complete with its contents, except that such person who normally occupies the premises is temporarily away. Coverage is suspended during the vacancy or unoccupancy or when the building insured or containing the property insured is shut down for more than 30 consecutive days, unless your company has made arrangements to allow the coverage.

Property is generally deemed to be vacant when the normal occupant is absent and the contents have been removed. Coverage is suspended during the vacancy or unoccupancy or when the building insured or containing the property insured is shut down for more than 30 consecutive days, unless your company has made arrangements to allow the coverage.